MD AMCON

Nigerian shareholders have expressed their dismay over the Senate’s passage of the Asset Management Corporation of Nigeria (AMCON) amendment bill, describing it as sad and unfortunate. This was even as they maintained that the operations of the Corporation ought to have been scrapped as the decision to continue will have severe implications on the financial results of quoted companies on the Nigerian Exchange Group (NGX) and returns to shareholders. The Senate, had on Wednesday, passed the Asset Management Corporation of Nigeria (AMCON) Amendment bill. The passage of the bill followed the consideration of a report by the Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the AMCON to amongst others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property were used as security/collateral for obtaining the loan in question. It also empowers the Corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central), in his presentation said the Committee had engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation.